The Nigerian Economy in the Face of Socio-Political Challenges: A Retrospective View and Ways Forward

Tomola M. Obamuyi and Oladapo Fapetu
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Tomola M. Obamuyi: Professor,Department of Economics,Federal University of Technology, Akure
Oladapo Fapetu: PhD. Department of Banking & Finance, College of Management & Social Sciences, Federal University of Agriculture, Abeokutaoro

International Journal of Finance & Banking Studies, 2016, vol. 5, issue 3, 32-41

Abstract: This paper examines the Nigerian economy and the tendency for its growth in the face of several socio-political challenges facing the country, which have hampered the rate of economic development in spite of the tremendous human and material resources inherent. The paper identifies the socio-political challenges to include corruption, poverty, unemployment, insecurity, politics and governance, among others. The central argument of the paper is that steady economic growth can be achieved and financial crisis mitigated in Nigeria, if the effects of socio-political challenges, which are the keyfactors that have contributed to the high poverty, unemployment and economic instability in the country, are minimised. To ensure economic growth and move the country forward politically and economically, government must be more accountable in managing the nation’s resources in order to avoid wastage, poverty and unemployment. Close attention should be given to those socio-political challenges in the formulation of policies that aimed at maintaining economic growth at a level commensurate with the country’s growth rate. This study put forward that government must be proactive in all issues relating to the socio-political challenges to prevent resource mismanagement, poverty, unemployment, insecurity and slow economic growth in future.

Keywords: Socio-Political Challenges; Corruption; Unemployment; Poverty; Insurgency; Nigeria (search for similar items in EconPapers)
Date: 2016
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